Financial support available for businesses post-lockdown
Posted on 29th April 2021 at 13:16
Have you been able to get that long overdue haircut, get your nails done, shop at your local high street or book a table at your favourite eatery, outside of course.
As you start to make plans to reopen and welcome customers back, you might be wondering what financial support post circuit break is available to you.
Here is a roundup of the current financial support that is offered:
Reopening High Streets Safely Fund
The government has announced that Councils across England are to share £50m of additional funding to support the safe reopening of high streets and other commercial areas. This particular funding is to ensure the safe working environment for businesses and customers. This funding comes on top of the Government’s comprehensive package of support for businesses and workers during the economic emergency.
Expenditure for reimbursement under this grant will be eligible from 1 June.
This funding is for councils only to use but it does support local businesses in ensuring and reassuring their workforce and customers are safe when returning to and using your premises.
Support for businesses affected by coronavirus restrictions (England Only)
The government’s Restart Grant scheme is available from 1st April 2021. The Restart Grant scheme supports businesses in the non-essential retail, hospitality, leisure, personal care and accommodation sectors with a one-off grant, to reopen safely as COVID-19 restrictions are lifted.
The government are also offering a number of additional options to support businesses that have been directly affected by this pandemic and the restrictions that have been placed on them to trade. You can find the full list here >>>
Job Retention Scheme
Even though you are opening again this does not mean that you will be working to capacity and might not need your full quota of staff immediately. The Job Retention scheme helps you to keep your employees without the full cost of paying their wages. The Government will continue the scheme until September 30th 2021.
Business Rates Relief (England Only)
A business rates holiday has been introduced. This is available for retail, hospitality or leisure businesses for business rates relief due to coronavirus. The council will make the adjustments automatically. This is available for both the 2020 and 2021 tax years.
Paying Tax
The government have provided support for businesses and self-employed people during the covid restrictions including paying tax. The two main areas are:
1. VAT deferment
2. Making your Self Assessment payments including Class 2 National Insurance contributions
Many businesses have faced an incredibly difficult time, it is great to see that as restrictions lift we will see them reopening and becoming vibrant, growing company’s once again. Our mission is to make things easier for businesses to manage their finances and plan for the future.
If you would like to speak to one of our specialist team about your financial plans then please email info@godfreymansell.co.uk.
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